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Energy Market Insights: OPEC+ Meeting

Our Executive Director of Energy Products, Jeff White discusses the upcoming OPEC+ meeting, the probability of certain meeting outcomes based on WTI options volatility data and how the CME OPEC Watch Tool can prepare traders as we get closer to the meeting itself.

    WTI Options Liquidity During Non-U.S. Hours

    Highlights:

    • Over 80% of WTI Options (LO) volume electronically traded for almost two years.
    • 15% of total electronic LO volume has been executed during non-US hours YTD in 2019.

    New Expiration Rules for Options

    Highlights:

    The new options expirations rules include the elimination of contrary exercise instructions for all physically-settled Crude Oil, Natural Gas, Refined Products, and Metals options contracts that expire after January 1, 2018.  Brent (BZO), Coal, Power, and Emissions options are excluded.

    In addition, for exact at-the-money settlements, the auto-exercise rule has changed. If the underlying settlement price falls exactly on a strike price at expiration, the at-the-money calls will be exercised and the at-the-money puts will be abandoned.

    For More Information:

    Clearing CME Globex Floor CME ClearPort Product Name Subgroup Exchange Volume Open Interest
    LO LO - LO Crude Oil Options Crude Oil NYMEX 159,876 2,085,043
    LN LNE - LN Natural Gas Options (European) Natural Gas NYMEX 86,526 2,011,560
    WA WAY - WA WTI Crude Oil 1 Month Calendar Spread Options Crude Oil NYMEX 33,800 609,900
    ON ON - ON Natural Gas Options (American) Natural Gas NYMEX 7,650 108,123
    G4 G4X - G4 Natural Gas (Henry Hub) Last-day Financial 1 Month Spread Options Natural Gas NYMEX 5,600 173,425
    LO3 LO3 - LO3 Crude Oil Weekly Options Wk 3 Crude Oil NYMEX 3,031 8,623
    BZO BZO - BZO Brent Crude Oil Futures-Style Margin Option Crude Oil NYMEX 2,705 202,013
    LO4 LO4 - LO4 Crude Oil Weekly Options Wk 4 Crude Oil NYMEX 1,903 6,011
    AO AAO - AO WTI Average Price Options Crude Oil NYMEX 1,125 380,714
    OH OH - OH NY Harbor ULSD Option Refined Products NYMEX 1,081 51,873
    Trade Date: 18 Sep 2019 | PRELIMINARY

    Note: Volume and Open Interest data is from the previous trade date. Preliminary data updates at approximately 9:00 p.m. CT and the final update is at 10:00 a.m. CT next business day.

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